BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Environment checking
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Environment capturing
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Environment scanning
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Environment planning
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Detailed explanation-1: -The complete awareness and understanding of the business environment are known as environmental scanning. Environment scanning is conducted to find out the influence of different factors and persons on business transactions. It is done to identify opportunities and threats affecting the business organization.
Detailed explanation-2: -Environmental scanning is a process that systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions. It is closely related to a S.W.O.T. analysis and should be used as part of the strategic planning process.
Detailed explanation-3: -There are five main types of environmental scanning: technological, legal, ecological, sociological, and economic (financial).
Detailed explanation-4: -A SWOT analysis is a common method of environmental scanning. SWOT stands for strengths, weaknesses, opportunities and threats. When performing a SWOT analysis, the marketing department of an organization must look internally at the company’s strengths and opportunities and externally at its weaknesses and threats.
Detailed explanation-5: -Environmental scanning is the process of gathering information about events and their relationships within an organization’s internal and external environments. The basic purpose of environmental scanning is to help management determine the future direction of the organization.